The Commonwealth Bank has announced the launch of its new MyWealth service, which it says is the response to the needs of growing numbers of self-directed investors.

In an Australian first, Commonwealth Bank claims that Australians will now be able to manage their investing and banking in a single online destination.

With over 3 million self-directed investors in Australia, the Commonwealth Bank has moved to cater for a growing number of consumers who are wanting to cut out the middle man in investment.

“Prolonged market volatility has increased awareness around the impact of investment decisions and changed the relationship between investors and their wealth. Investors are more connected than ever before with where they put their money. It is a new age of investing,” said Lisa Frazier, Chief Innovation Officer Equities and Margin Lending, Commonwealth Bank.

“MyWealth has been designed to demystify the investment process and our aim is to empower Australians who want to be in the driving seat of their own investment decisions. We have designed MyWealth using research and feedback from customers who wanted simplicity and more resources to help them make informed decisions that speak to their investment goals and financial futures.”

The service provides the following features:

  • access to a cash and investment account which is integrated with existing CommSec and NetBank accounts providing a ‘big picture’ outlook on a user’s wealth portfolio;
  • the ability to easily invest in shares, Exchange Traded Funds, fixed interest or cash products;
  • social community for likeminded investors to share and discuss ideas and strategies with each other;
  • comprehensive and personalised financial news, market updates, educational reports and videos created by a dedicated team of journalists; and
  • a stock market watch list with regular market updates on companies of notable interest to the customer.

The Commonwealth Bank has announced the more features will be added to the service throughout 2013.